2020 Cyber Report: Compliance Burdens Unsustainable

Joint Coalfire-Omdia Research Underscores Need for New Approach 

• New and changing regulations, a critical shortage of cybersecurity professionals, and digital transformation spell end of status quo
• Select respondents seeing 40%+ efficiency improvements by applying transformational approach to compliance

WESTMINSTER, CO – May 13, 2020 –Coalfire, a provider of cybersecurity advisory and assessment services, today released the Securealities Compliance Research Report in partnership with global analyst consulting firm Omdia. The comprehensive report, “Compliance in the Era of Digital Transformation,” outlines the impact of cybersecurity compliance in this new age of accelerating regulation, pandemic-driven communications and business processes moving to the cloud.

“The compliance landscape has changed dramatically over the last 10 years,” said Adam Shnider, Executive Vice President, Cyber Assurance Services, Coalfire. “Our research confirms that resource burdens have become unsustainable to the point that there may be no light at the end of the tunnel for organizations that fail to adopt new cybersecurity compliance strategies.”

Based on a survey of prominent IT and security executives representing technology, financial services, manufacturing, healthcare, government, and beyond, the report shows how public and private sector organizations are developing actionable solutions to address the ever-growing burden of compliance.

2020 Compliance Report Findings

• Growing compliance obligations threaten to become unsustainable cost burdens – 51% of those surveyed are spending 40% or more of their IT security budgets on compliance.
• Compliance is a significant barrier to business performance – Nearly 60% of companies view compliance as a barrier to enter new markets and prepare new services to meet compliance requirements.
• Organizations must transform their approach to compliance – Cyber standards are changing from point-in-time assessments to continuous, outcome-based compliance requirements; 66% indicate that technology with automation, ongoing visibility, and coordinated assessments are critical to compliance transformation and reducing audit fatigue and total cost of compliance.

“Despite the exponential growth in compliance obligations, our research shows that positive business and security outcomes are possible,” said Alan Rodger, Senior Analyst, Omdia. “By adopting new best practices, some organizations are reporting 40-50% compliance resource savings, and many are using their improved security posture as a competitive differentiator.”

For more information, please refer to the full report ‘Compliance in the Era of Digital Transformation’ and infographic further detailing the findings of the report.

About Coalfire
Coalfire is the trusted cybersecurity advisor that helps private and public sector organizations avert threats, close gaps and effectively manage risk. By providing independent and tailored advice, assessments, technical testing and cyber engineering services, we help clients develop scalable programs that improve their security posture, achieve their business objectives and fuel their continued success. Coalfire has been a cybersecurity thought leader for nearly 20 years and has offices throughout the United States and Europe. For more information, visit www.coalfire.com.

About Omdia
Omdia is a global technology research powerhouse, established following the merger of the research division of Informa Tech (Ovum, Heavy Reading and Tractica) and the acquired IHS Markit technology research portfolio.
 
We combine the expertise of over 400 analysts across the entire technology spectrum, analyzing 150 markets publishing 3,000 research solutions, reaching over 14,000 subscribers, and covering thousands of technology, media & telecommunications companies.
 
Our exhaustive intelligence and deep technology expertise allow us to uncover actionable insights that help our customers connect the dots in today’s constantly evolving technology environment and empower them to improve their businesses – today and tomorrow. 
 
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Mike Gallo
(212) 239-8594
luminacoalfire@lumninapr.com